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Thursday, May 21, 2015

Fauxcahontas is also a faux populist

Well, well, well. What have we here? Democratic Senator Elizabeth Warren -- who lied about being an Indian to get a $400,000-a-year job at Harvard -- failed to disclose the fact that she received a million-dollar line of credit from the Bank of America.

We know why she hid this. She wants the low-information voters in the Democratic Party to thinkshe is an Occupy Wall Streeter.

Warren joins the Democratic Party Lying Liberal Hall of Fame:

There's Al Gore who preaches small carbon footprint but is a Big Foot whose family raked in millions in oil money thanks to daddy's Senate seat and a willingness of Occidental Petroleum to rent politicians.

There's Hillary Clinton, who protested she was not Tammy Wynette -- even as she willingly served as a doormat for her abusive husband.

There's Bill Clinton, champion of women's rights, who sexually harassed woman after woman until Paula Jones finally stood up to him and sued for $870,000, He had to pay her every last cent of that $870,000 she sought.

There's John Edwards who told the world he was standing by his cancer-stricken wife, even as he was making a baby with another woman.

So Fauxcahontas fits right in there with the lying liberals.

From the Boston Herald:
WASHINGTON — A loophole in a federal financial disclosure law for members of Congress let U.S. Sen. Elizabeth Warren — a strident critic of big banks — withhold information about a high-limit line of credit against her Cambridge home with one of the country’s largest banks.
Federal law requires members of Congress and other federal 
officials to annually disclose their financial assets and liabilities, including mortgages. In a form filed last week, Warren stated she and her husband, Bruce Mann, had no debt liabilities in 2014.
But according to a Middlesex South Registry of Deeds record, Bank of America holds a $1.3 million mortgage on the Cambridge home owned by Warren and Mann.
An aide for Warren said the amount represents a home equity line of credit, not a mortgage.
According to the aide, a line of credit does not trigger reporting requirements if the borrower has not borrowed on it, or if the amount owed is less than $10,000. Warren’s account had a zero balance, the aide said.
Still, experts said one of the purposes of the STOCK Act, passed in 2012 and championed by former Bay State U.S. Sen. Scott Brown before Warren unseated him, was to prevent lawmakers and other federal officials from benefiting from lower interest rates or other financial industry perks not available to members of the general public. But a loophole — the act’s failure to mention lines of credit — let Warren keep her interest rate and other information about the home equity line private.

Elizabeth Warren is a Deformer.


  1. Tempest in a tea pot. It's a line of credit. My wife and I have a home equity line of credit which came with a special one-year low rate. Lots of people whose homes have appreciated over time have a HELOC for a variety of reasons. The banks are awash with deposits and want to loan money but they don't want to take too much risk. My wife and I are excellent risks. Warren is also a very good risk for her bank. Unless Warren got an exceptionally low interest rate that's not available to the general public, which I doubt, this issue is no big deal.

    1. I think you're right on this particular "gotcha." All the others, though....

    2. Thee key is this is a special favor given her because she is a senator. The man she challenged and defeated wanted to ban this. Besides, if you are denouncing insiders when you hide your own inside move you are a hypocrite. I make mistakes on this blog and you are good commenters whom I respect. But she is Chris Dodd blasting the rich while grabbing all she can.

  2. Hypocrites all the way down. As I'm sure you know, some of the richest people in Congress are Dimocrats. And, of course, you have Jay Rockefeller from your state.

  3. Has nothing to do with it being "just a line of credit". Everyone gets that. This is concerning someone who is making a career demonizing the top 1% for perks and advantages that most people do not have. And one thing most people do not have is a $1.3 MILLION line of credit. And as you said "unless Warren got an exceptionally low interest rate...." What is her interest rate? We dont know. She didnt disclose it. Which is the entire point. $1.3 million at mystery interest rate. If her entire gig wasnt based on condemning people for having exactly those advantages, this would be "no big deal".

    1. Let me explain how a line of credit works (since you apparently don't know how it works). As an example, here is how my line of credit worked. A line of credit is a secured loan, not a traditional mortgage. In its first year, a line of credit may have an introductory rate that's fixed, typically a low rate used as a come-on. In following years the rate floats, varying with a benchmark rate of the bank's choosing, as laid out in the loan documents. The interest rate the borrower pays is undetermined until he borrows against his line of credit. It could be higher or lower depending on market conditions. Warren never drew down on her line of credit. She was charged no interest and accordingly there was no interest rate for her to report.

      My line of credit was $500K, which is less than Warren's by a factor of 2.5, but then my wife and I weren't pulling down salaries anywhere comparable to that of a tenured Harvard Law School professor like Warren. A line of credit of $1.3M for someone in her income bracket seems perfectly reasonable. It all depends on the market value of her home, which I presume collateralized the loan. My guess is that the market value of her home fully justified the size of her line of credit.

      If you want to criticize Warren for being a hypocrite, then perhaps do it for the populist class-war rhetoric she has used while pulling down a huge $400K annual salary from Harvard. On the other hand, there is no indication so far that she asked for or received any special consideration with regard to her (unused) line of credit. To make something out of nothing strikes me as borderline paranoia.